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FinCEN, Ripple Trade and xPool


EvTheMage
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Hello friends,

I've been lurking XRPChat for nearly a year now - my first exposure to XRP was around April/May of last year, when the massive, spontaneous growth of the cryptosphere took place. I had known about Bitcoin since 2009, and until discovering the shear volume of alt-coins that have spawned in its wake, I thought it was all a gimmick, a ponzi scheme for the digital age meant to prey upon those interested in technology but with little understanding of it. But I was the one with little understanding. I was wrong, however I do not regret my myopia. I realize just how naive I was in regards to cryptography and peer-to-peer networks when I try to explain the real-world disruptive fundamentals of blockchain protocols, no matter how thoroughly (for a layman), to my peers. Their instinctive, knee-jerk FUD reminds me of myself not long ago. They can't muster the courage to trust a system engineered to operate without trust, and without that leap of faith, most of them never come to the realization that faith and trust in an immutable, distributed ledger is unnecessary and even nonsensical.

 

I've finally created a profile here today because, as obsessive as I have been since discovering XRP, the xPool trademark is news to me, as I am sure it is for many others. I only found out about it yesterday after multiple questions regarding xPool were thrown at David in his AMA. This trademark and the air of mystery around it excites me. As far as I understand (and please correct me ASAP if I am wrong) the exchange restrictions placed on Ripple Labs by FinCEN in 2015 expire in May of this year. Now, I wasn't around back then, but I am sure plenty of you are familiar with Ripple Trade and the FinCEN suit. Long story short, Ripple was caught in what amounted to a 15 year old driving without a license and was subsequently barred from even asking permission to drive for three years. They were not supposed to operate their own exchange without proper licensing to do so. 

 

While looking at the trademark filed for xPool, I decided to check out their other TMs. I found that Ripple Trade is still an active TM, but even more curious is the "Notice of Suit" notification for that trademark, filed two days ago. See for yourselves: https://trademarks.justia.com/862/30/ripple-86230662.html

I would not expect any activity regarding Ripple Trade, especially what I can only assume is a lawsuit 3 years after its closure. I don't know what to make of this, but I have a growing feeling that xPool is Ripple Trade 2.0, back with a vengeance. This is obviously not why I think xPool is a new in-house exchange; I thought that the moment I saw the word xPool; I've been looking forward to May 2018 since I found out about the FinCEN suit too. I'm at work so I can't go too deep right now, but I just wanted to get this out there to see what others think. May is coming sooner than we think. Ripple might blow the wires away.

There is no greater liquidity pool than a proprietary exchange of the same name: xPool.

I'll discuss more later when I'm on my own time. Time is money, friends!
 

 

 

Edited by EvTheMage
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45 minutes ago, EvTheMage said:

There is no greater liquidity pool than a proprietary exchange of the same name: xPool.

It could be proprietary one, but that would be 'spreading the peanutbutter to thin' as running an exchange requires other skills, focus, indeed legal, etc. Yet because the XRPL could be used for it quite well (to trade basically everything on though IOUs / issuances), I think it could be more like an enterprise ready product suite for that. I poster a similar thought here:

 

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4 minutes ago, EvTheMage said:

I think most of the work will be done by the users, no by Ripple.

While the Ripple company devs are sipping Piña colada at the beach of their private islands?

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42 minutes ago, lucky said:

While the Ripple company devs are sipping Piña colada at the beach of their private islands?

Haha, the xPool memes come to mind ;)

But really, more along the lines of the companies using the broader platform for their own needs.

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Nice, thanks! I think you might be right, and looking at the thread, no one mentioned the Ripple Trade suit. That's probably it! I didn't really think it was related completely to xPool, but I see a lot of action in this particular department lately across the whole cryptospace. It makes sense that the company would be more vigilant than ever with its IP. A non-plagiarism part of this frenzy, still concerning Ripple, is Circle, and the newly circulating concerns that Circle is in Ripple's "territory". I don't think I am qualified to determine whether this is true or not, but I think it's a yes-leaning maybe. It doesn't surprise me that there is rampant plagiarism in this race to a market-ready line of products and services.

Edited by EvTheMage
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